Good question, although "acceptable" is very ambiguous and variable of course. Many people don't like Verdana's outlines. I think it was a "progressive" choice in the late 90s, but maybe now either has no flavor or the wrong flavor. But as always, it depends!

hhp

I have yet to see Verdana used well off line.

It is too wide for a "regular" sans-serif. (By "regular" meaning that it is not an extended version). So it wastes a lot of space. Characters like a, e, j, I, J look very odd when printed. Some of the nuances that translate so well on screen become, well, nuisances.

Unlike its serifed sibling, Georgia, Verdana should stick to HTML.

I've used it once or twice for heads. I knew I was on shaky ground, but I try to be open-minded about fonts. Almost every last one of them has it's moment of perfect utility. I once saw someone make perfect use of Courier in a credit card ad. So I doubt it's written in stone: Thou Shalt Not Use Verdana Except on the Internets. The nice thing about working with it is that you'll know instantly if it belongs in your printed design or not. Usually not.

But every now & then...